Weekly Gold forecast
Comex Gold ( xauusd ) price crashed badly and we enjoyed the crash as our positional signal initiated sell at 1242$ zone . Upcoming week is all about monetary policies . Main focus would be on fed for obvious reasons but we have UK and Japan’s policies as well . This week we have a good support on weekly chart stands at 1170$ . If traders breaks this major base level and manage to close beneath our support this week . Then expect more power to gold bears upto 1145$ – 1110$ this week .
A good resistance on weekly chart stands at 1231$ . If traders breaks this major hurdle and manage to close above our resistance this week . Then expect some breather to gold buyers upto 1266$ – 1291$ this week .
Weekly Gold forecast conclusion : Comex xauusd trend is weak for upcoming week . But monetary policies would be further trend decider .
Weekly Silver forecast
Comex Silver ( xagusd ) price crashed last week as it followed the sell in other precious metal . A good base level on weekly chart stands at 16.70$ . If traders take this support out and manage to close beneath our support this week . Then expect more pain in silver prices upto 16.20$ – 15.70$ this week .
A good hurdle on weekly chart stands at 17.55$ . If traders breaks this major hurdle and manage to close above our resistance this week . Then expect more power to buyers upto 17.99$ – 18.45$ this week .
Weekly Silver forecast conclusion : Comex silver trend is weak for this week .
More will update in daily forecast update .